Credit Report

If you dispute something in your credit report, credit bureaus generally must investigate within 30 days and remove the information if it's wrong or can't be verified at that time. But consumer advocates say fixing errors can be difficult. The Federal Trade Commission received 31,629 complaints last year about credit bureaus and the companies that supply information to them, making this category No. 11 on the list of consumer complaints. New federal rules might alleviate this problem.

The housing crisis caused thousands of renters to worry about their living arrangements as their apartment buildings went into foreclosure. But another worry may be their credit reports. In 2008, Illinois passed a law ordering that post-foreclosure-related eviction cases be sealed, cases in which the tenant's only fault was living in a building that went through foreclosure. That isn't always taking place. Even though the law took effect six years ago, it hasn't benefited Janet...

At least one in five consumers has an error on one of their three major credit reports, according to a study Monday by the Federal Trade Commission. One in four found errors that might affect their credit scores, the study said. And 5 percent of people had errors serious enough to lead to higher costs for products including car loans and insurance. "These are eye-opening numbers for American consumers," said Howard Shelanski, director of the FTC's Bureau of Economics. "The...

Before moving out of his South Loop condominium in December, renter Andrew Hess contacted his utility providers and canceled service. When his final gas bill arrived in early February, he was surprised to see he owed $127.09. The bill was "significantly higher" than he was accustomed to, Hess said. After some digging, he discovered Peoples Gas had continued to charge him for two weeks more than it should have - weeks in which a new tenant was living in the...

Q--I applied to rent an apartment and was one of several applicants for it because it is in a great location. My application was rejected because of what the landlord called an "adverse credit finding." While I haven't seen the credit report, I think I know the incident he is referring to. However, that report is incorrect. There were circumstances involved, which, if the landlord knew them, I believe would have changed his decision on my application. I think he discriminated...

This is the time of year when I'm on inbox overload. You see, April is high season for promoting financial education around the country, and my email is full of surveys, studies and checklists that measure how well children are learning their dollars and cents. If there's a general theme from the stack of reports, it's that many children aren't learning much about personal finance at home, and school isn't much better. While I seriously doubt the situation is as dire as the surveys...

Gloria Gates does not have a driver's license. In fact, the Englewood resident says she has never owned a car. So it was a bit of a surprise when she answered the door a few years ago and was handed a summons to appear in court — for an unpaid car loan. Gates said she immediately went to the lawyer's office listed in the case and raised a stink. Although her name was listed on the summons, the Social Security number attached to it wasn't hers. "I was...

Jennifer Hendrickson learned of her alleged passing from the bank. The Winfield resident, intent on buying a car in 2012, applied for a loan. The bank ran a credit check and informed her that, according to credit bureau Equifax, she was dead. Hendrickson quickly realized the problem. Her sister, Jessica Hendrickson, died in a car accident in 2008. The two shared almost identical Social Security numbers. The only difference was the last number in the sequence: Jessica's was a four,...

A good reputation may be a priceless commodity in most circles, but in the financial world it has a very specific value. Lenders have learned to pinpoint the rate they charge a particular consumer down to an eighth of a percentage point, based on that person's reputation for creditworthiness. Now, in an ironic twist, the same companies that provide lenders with credit information are also selling services to consumers to help them enhance their own credit reputation, or credit "score."

CHICAGO, Feb 19 (Reuters) - The U.S. Farm Credit System, a government-sponsored enterprise and the single-largest lender to U.S. agriculture, on Wednesday said fourth-quarter earnings rose nearly 19 percent, boosted by strong demand for farm products. The System, which uses proceeds from debt securities issued to domestic and foreign investors to fund farmers and agribusiness, earned $1.141 billion for the quarter ended Dec. 31, up from $960 million...

Sure, you forgot long ago about that department store credit card you got for the discount. But your credit report has a memory like an elephant--an elephant that sometimes makes mistakes and squishes your credit score underfoot. Getting a copy of that report got easier Tuesday for residents of Illinois and 11 other Midwestern states, as free copies became available for the asking. The states added Tuesday are the second phase of the Federal Trade Commission's rollout of the...

Sen. Elizabeth Warren is drawing praise from progressives for her legislation that would bar companies from requiring prospective hires to submit to a credit check as a condition of employment. "This is about basic fairness - let people compete on the merits, not on whether they already have enough money to pay all their bills," said Warren, a Massachusetts Democrat. "A bad credit rating is far more often the result of unexpected medical costs, unemployment, economic downturns...

If you're thinking about buying a home or refinancing -- even if you've got excellent credit -- you may want to avail yourself of a forthcoming free service that could help you get a better rate. Under a national class action settlement, you may qualify for six or nine months of daily monitoring of your credit file plus unrestricted access to your report and score. To be eligible, you need to have had an open credit account -- charge card, student loan, auto loan or mortgage --...

(Reuters) - As many as 17 million low- to moderate-income Americans should be eligible for tax credits to buy private health insurance under President Barack Obama's healthcare law in 2014, according to a report by the Kaiser Family Foundation. The subsidies are a provision of the law that aims to make U.S. health coverage more affordable. Enrollment in the health plans began on October 1, but has been hobbled by technical problems that have halted access...

Q. I'm looking for information about how to erase a bad remark from my wife's credit report. I think I read somewhere that this was possible. My spouse's student loan is currently being serviced by Sallie Mae, but the previous company placed two bad remarks on her credit report. J.Z., Visalia, Calif. A. It is possible to remove inaccurate negative remarks on a credit report. It is not possible to remove accurate negatives unless they're very old. However, if there was some...

Q: I am a regular listener to Ilyce's radio show and love it! I wish I had known about the show five years ago when my then-boyfriend, now husband, lost his home to foreclosure. We were young, didn't know any of our options, and were scared of threats that our stuff would be chucked out on to the lawn in front of his neighbors' houses. The decision to leave the property is still a heavy mark on my husband's credit report. My husband and I have been renters ever since and we've paid all of...

With a home loan on the line, Sandy was understandably upset when the mortgage lender told her that a problem had surfaced in a credit check. She knew she had no history of credit trouble. When the lender showed her a copy of the credit report, Sandy could see that the blemish on her credit report wasn't hers. It was for a department-store charge account that she never had. Though she remains annoyed, Sandy's credit report is now clear. She got the error erased. ...

DEAR JOYCE: I took a job too quickly because I was desperate. I jumped into the job with no training to teach me the ropes. My company is in an industry that's changing fast and so are my hours -- every couple of months. The stress is killing me. I guess I should have asked more questions and done my homework on the company before signing on. What now? -- No initials please. Without commenting on your current mental and physical stress, I can only state the obvious: research a...

DEAR JOYCE: I'm caught in a catch-22! I can't pass a credit background check because I've been unemployed so long that I can't pay all my bills; I can't pay all my bills until I'm employed. How can I break out of this vicious circle? -- R.Y. Credit reports don't necessarily say squat about an individual's ability to do a job well, compared to previous work experience, a good fit with the job and organization, and specific expertise needed for the job. The Society for Human...